ICICI Bank, a number one Indian personal sector financial institution, and Niyo, a brand new age fintech firm introduced a tie-up to problem pay as you go playing cards to Micro, Small and Medium Enterprises (MSMEs) staff. MSMEs will now be capable of get ‘ICICI Bank Niyo Bharat Payroll Card’ powered by Visa, for his or her blue-collar staff.
- With this, MSMEs can add the salaries of their staff on the cardboard, which the employees can then utilise as per their want seamlessly.
- These staff are largely under-banked and are disadvantaged of banking amenities.
- The ‘ICICI Bank Niyo Bharat Payroll Card’ permits a person to obtain funds as much as Rs 1 lakh into the cardboard account. It affords comfort and security of digital banking to the blue-collar workforce whereas offering a state-of-the-art wage disbursement answer to the employers.
- Any MSME can tie-up with Niyo to avail of the pay as you go card. After the tie-up, playing cards are issued to the employees at their office itself whereas their KYC verification is completed concurrently utilizing a biometric system.
- Once activated, staff can use the cardboard to withdraw funds at ATMs, make on-line transactions on e-commerce portals and make fee by swiping the cardboard at Point of Sale (PoS) machines.
Important takeaways for all aggressive exams:
- ICICI Bank Headquarters: Mumbai, Maharashtra.
- ICICI Bank MD & CEO: Sandeep Bakhshi.
- ICICI Bank Tagline: Hum Hai Na, Khayal Apka.
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